Qatar
Financial Centre
1.
Background
3. Qatar Financial Centre Authority
4. Qatar Financial Centre Regulatory Authority
5. Doing Business with the QFC
6. The Application Process
1.
Background
The Qatar Financial Centre (QFC ) is a financial and business
centre established by the Government of Qatar and located in Doha.
The QFC was formally opened on 1 May 2005, and by October 2008
was successful in attracting over 96 regional and international
financial services institutions and major multi-national corporations
to participate in the growing market for financial services in
Qatar and elsewhere in the region. In particular, the QFC aims
to establish Qatar as an attractive environment for a wide range
of financial services in the Gulf region.
The
QFC operates to international standards and provides a first class
legal and business infrastructure for those doing business within
the centre. The QFC ’s commercial and regulatory environment
and systems conform to international best practices and are separate
from and independent of the host Qatari systems. The standards
required and the legal environment will be familiar to businesses
currently operating in major financial centres around the world.
The
Centre is led by a commercial authority and a regulator - the
QFC Authority and the QFC Regulatory Authority respectively, which
are independent of each other. The QFC Authority is responsible
for commercial strategy and for developing relationships with
the global financial community and other key institutions both
within and outside Qatar. The Regulatory Authority has a broad
range of powers to authorise, supervise and, where necessary,
discipline regulated firms and individuals who operate in or from
the QFC.
Both
the QFC Authority and the Regulatory Authority have a function
of recommending appropriate legislation to achieve their objectives,
and have certain rule-making powers. The QFC provides mechanisms
for resolving disputes between QFC firms and their counter-parties
and for arbitration or the formal resolution of civil disputes
before a Tribunal, in effect a commercial court, operating to
high judicial standards. It has also created an Appeals Body to
allow firms affected by particular decisions of the Regulatory
Authority to have those decisions reviewed.
2.
Qatar Financial Centre Authority
The Qatar Financial Centre Authority is responsible for the commercial
strategy and business development of the centre and provides its
administrative functions. The QFC Authority is governed by a Board
which is chaired by the Minister of Economy and Commerce. Stuart
Pearce is CEO and Director General of the QFC Authority.
The principal objectives of the QFC Authority are:
• to develop and promote the Qatar Financial Centre as a
leading location for international finance and business.
• to promote and act in accordance with international best
practice and eliminate bureaucracy to the maximum extent
• to ensure the financial stability of the QFC
• to participate in consultation with the QFC Regulatory
Authority and the QFC Appeals Body in the establishment and maintenance
of the QFC legal and regulatory environment
One
of the QFC Authority’s most important roles is to approve
and issue licenses to individuals, businesses and other entities
that wish to incorporate or establish in the Centre. Businesses
wishing to undertake financial services will also require authorisation
from the QFC Regulatory Authority.
3. Qatar Financial Centre Regulatory
Authority
The QFC Regulatory Authority is an independent statutory body,
which reports directly to the Council of Ministers. It regulates
and supervises the full spectrum of financial services activities
conducted in or from the QFC. These include all types of banking,
insurance, asset management, financial advisory services, securities
and derivatives dealing, and Islamic finance. The Chairman of
the QFC Regulatory Authority is Phillip Thorpe.
Among the principal objectives of the QFC Regulatory Authority
are:
• the promotion and maintenance of efficiency, transparency
and integrity of the QFC.
• the promotion and maintenance of confidence in the QFC.
• prevention, detection and restraint of conduct which may
cause damage to the QFC’s reputation.
• provision of appropriate protection of those licensed
to carry on business in the QFC and their clients and customers.
• ensuring the Regulatory Authority is run with a view to
operating at all times in accordance with best international standards
applicable, and establishing the QFC as a leading financial and
business centre in the Middle East.
4.
Doing Business with the QFC
Activities which are permitted to be carried out in or from the
QFC fall into two categories - ‘regulated activities’
(essentially financial services) and ‘non-regulated’
activities. All firms wishing to conduct permitted activities
need to apply to the QFCA for a licence. Firms planning to conduct
regulated activities also need to apply to the QFC Regulatory
Authority for authorisation. Firms wishing to conduct non-regulated
activities will need to apply to the QFC Authority for a license
through a simple process. ‘Non-regulated’ activities
that may be considered for licensing include business activities
of company headquarters, management offices , treasury operations
, and company administration; investment grading and other grading
services; and professional services including (but not limited
to) audit, accounting, tax, consulting and legal services.
5.
The Application Process
The QFC operates a streamlined application process for those seeking
to establish in the QFC and who therefore need to register with
the QFC Companies Registration Office (CRO), obtain a licence
from the QFC Authority and (in the case of financial services
businesses) authorisation from the QFC Regulatory Authority. The
process has been designed to allow the applicant firm to make
a single application to the QFC Regulatory Authority which will
initiate the process for the CRO, QFC Authority and, if applicable,
the QFC Regulatory Authority.
Firms
will need to complete form Q02 (available on the QFC Regulatory
Authority website at www.qfcra.com), which asks for detailed corporate
information as well as information relevant to the business that
the firm wants to do. Upon receipt of an application form and
application fee the QFC Regulatory Authority will start the assessment
process. The actual time it takes to process an application will
depend on the nature, scale and complexity of the firm’s
proposed activities and the completeness of the information in
the application form. The QFC Regulatory Authority has a target
processing time of 90 days for applications.
An up to date list of firms licensed to operate from the Qatar
Financial Centre is available in the Public Register which can
be found via the homepage of the QFC Authority website. Further
details of the application process and authorisation process can
be obtained from the website of the QFC Regulatory Authority.
Contact
Details
Qatar Financial Centre Authority .......................................
Qatar Financial Centre Regulatory Authority
PO Box 23245 ....................................................................
PO Box 22989
Doha, Qatar ........................................................................
Doha, Qatar
Tel: +974 496 7777 ..............................................................
Tel: +974 494 5433
Fax: +974 496 7676 ............................................................
Fax: +974 483 5031
Email: info@qfc.com.qa .......................................................
Email: info@qfcra.com
www.qfc.com.qa ..................................................................
www.qfcra.com
